Bill Text: TX HR658 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Honoring LiftFund for its contributions as a Community Development Financial Institution.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-03-13 - Reported enrolled [HR658 Detail]
Download: Texas-2019-HR658-Enrolled.html
H.R. No. 658 |
|
||
WHEREAS, A delegation from LiftFund is visiting Austin on | ||
February 19, 2019, in celebration of Community Development | ||
Financial Institutions Day at the State Capitol; and | ||
WHEREAS, In 1994, CDFIs were created through the Riegle | ||
Community Development and Regulatory Improvement Act to promote | ||
economic development by providing financial products and services | ||
to people and communities underserved by traditional financial | ||
institutions, particularly in low-income communities; CDFIs | ||
include community development banks and credit unions, as well as | ||
nonregulated institutions such as nonprofit loan funds or venture | ||
capital funds; partnering with traditional financial institutions, | ||
they enable previously underbanked clients to participate in the | ||
banking system; and | ||
WHEREAS, LiftFund is one of more than 40 CDFIs that benefit | ||
Texans; since 1994, it has provided over $300 million to more than | ||
3,000 self-employed individuals and small businesses, including | ||
microenterprises; over 80 percent of the entrepreneurs it serves | ||
are people of color, while 38 percent are women and 9 percent are | ||
veterans; for every $1 it deploys, there is an estimated $14 | ||
positive economic impact through revenue, purchases, job creation, | ||
and taxes paid; and | ||
WHEREAS, Community Development Financial Institutions play a | ||
vital role in leveling the financial playing field in order to | ||
extend prosperity to neglected areas, and for a quarter century, | ||
LiftFund has helped aspiring entrepreneurs achieve their dreams | ||
while making a positive impact in their local economies and beyond; | ||
now, therefore, be it | ||
RESOLVED, That the House of Representatives of the 86th Texas | ||
Legislature hereby recognize LiftFund for its contributions on the | ||
occasion of CDFI Day at the State Capitol and extend to all those | ||
associated with this noteworthy institution sincere best wishes for | ||
continued success; and, be it further | ||
RESOLVED, That an official copy of this resolution be | ||
prepared for LiftFund as an expression of high regard by the Texas | ||
House of Representatives. | ||
Minjarez | ||
______________________________ | ||
Speaker of the House | ||
I certify that H.R. No. 658 was adopted by the House on March | ||
12, 2019, by a non-record vote. | ||
______________________________ | ||
Chief Clerk of the House | ||